Wealth management firm AFH has acquired Lancashire-based independent financial advisory business IFA David Rushton Associates.

The acquisition will add £16.5m of funds under management (FUM) to AFM’s books.  Vendor David Rushton will join AFH as part of the deal.

AFH has paid an initial £157,500 in cash and will pay an additional £140,625 in cash over the next 26 months based on the performance of the assets bought from David Rushton.

AFH CEO Alan Hudson said: "This acquisition will strengthen our position in the North West and I look forward to working with David to continue the development of AFH in the region.

"The acquisition of the assets of David Rushden follows the strategy restated in our recent trading update of making selective acquisitions to develop our expansion nationally and leverage our central investment and support functions."